WASHINGTON, D.C. – U.S. Senators Bob Menendez and Cory Booker today joined their colleagues in urging Senators Mitch McConnell (R-Ky.) and Chuck Schumer (D-N.Y.) to include the cancellation of student loan payments and debt in the COVID-19 stimulus package. The Senators asked for the Department of Education to take over monthly payments during this crisis and to forgive at least $10,000 in loan debt, which will help boost the economy in New Jersey and across the nation.
"Students and families should not have to worry that they will go into default on their student loans during or immediately after this emergency--they should be worried about keeping themselves and their loved ones safe," the lawmakers wrote in a letter. "Student loan debt in this country is already crushing for many and without immediate and bold relief, it will prevent people from fully participating in our economy."
The lawmakers made the following four asks of negotiators:
“These provisions would provide much-needed relief to federal student loan borrowers through the duration of this crisis, and provide a long-term economic stimulus to help see the country through this crisis,” the lawmakers wrote.
Sens. Elizabeth Warren (D-Mass.), Sherrod Brown (D-Ohio), Bernie Sanders (I-Vt.), Tammy Duckworth (D-Ill.), Jack Reed (D-R.I.), Richard Blumenthal (D-Conn.), Kirsten Gillibrand (D-N.Y.), Chris Van Hollen (D-Md.), Jeff Merkley (D-Ore.), Tammy Baldwin (D-Wis.), Kamala D. Harris (D-Calif.), Edward J. Markey (D-Mass.) and Jeanne Shaheen (D-N.H.) also signed the letter.
A copy of the letter can be found here.